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What Price EMU?

Updated Jan. 15, 1998 12:01 a.m. ET

Most observers, including financial markets, seem to be dismissing the latest challenge to European monetary union, filed Monday in the form of a petition to Germany's constitutional court in Karlsruhe. And indeed the complaint brought by three professors and a banker may have little chance of stopping EMU in its tracks. But the widespread feeling that it would be somehow inappropriate for the court to overrule Germany's democratically elected government ignores the importance of checks and balances within a liberal order. Indeed, this touches not only on the future of the single currency, but also on the future of...